Texas Divests $8.5 Billion from BlackRock Over Energy Boycott Concerns, Marking Largest Such Action to Date

Texas is terminating an $8.5 billion investment with BlackRock, determining the firm is boycotting energy companies. This is the largest such divestment to date.

The divestment is in accordance with a 2021 Texas law seeking to distance public funds from firms boycotting oil and gas.

Texas officials say BlackRock's ESG efforts damage the state's oil and gas economy, which provides revenues for an education fund.

BlackRock defends itself, noting it remains invested in the energy sector, including $300 billion in Texas companies.

The move follows smaller divestments by other Republican-led states opposing Wall Street's ESG policies.